6 02/05/2013 parenting

Money Money Money…

Will has started doing chores (and in an interesting twist, he’s also picked up sighing recently).  He has to clear the table every night, make his bed in the morning and bring in the garbage pails on garbage day.  

I think it’s important to start this early.  And really, why do you have kids if not to get them to do stuff for you?  I figure by the time he’s five he can be doing all the laundry and waxing my car?!  Relax…I’m quasi joking.
As I was checking out his bed this morning I was thinking maybe it’s time to start giving him an allowance?  One of the things that I’m very passionate about in raising Will is teaching him about money.  I think there are a crap load of teenagers out there who think that money grows on trees and that when you want something, you just go and get it.  This will not be my kid.  But is four and a half too little to get it?

piggybank.jpg

I’m considering getting this piggy bank which I love!  I saw it when I was pregnant with Will and made a note of it for later.  Maybe that’s now.  I’m thinking two bucks a week for his chores and then we split it – 50 cents in each slot?  
What do you do with your kids and money? Do they get an allowance?  Are you encouraging them to save it?
*Oh and do YOU want to save some money?? Stay tuned next week when I’ll be giving away tickets to Disney On Ice!!!  A great March Break tradition!*
  • Sara

    crazy timing! I was thinking about that about paying for chores bit – I see both sides on that one.

  • nomi

    I just got back from a seminar about teaching kids how to manage their money. Was interesting, but hard to have the conversation without attempting to instill other ideas about parenting in general… but basically they said allowance is good to start at around 5, when they can understand a little about the value of it and learn how to spend and save. There were some arguments over whether or not to pay kids for chores as some thought they are part of contribution to a household and should b mandatory. Some really interesting ideas thrown around. But something everyone agreed was valuable is ensuring you communicate with your child when you spend your own money so they don’t just think a plastic card will get them whatever they want whenever they want… because in a lot of cases that’s what they’re seeing, without really understanding what that means.

  • Sara

    I do think that’s an excellent point. maybe we’ll start with smaller amount in there – but for sure he gets to pick… he is aware of some charitable things already.

  • Carlo

    We have given Noah some chores to do, but though it was too early to start with the allowance. What we did do was offer to pay him for doing jobs outside of the typical chores. He understands that it is his money that he is earning, not just money that was given to him.

  • Anonymous

    i think the piggy bank idea is great, but i dont like how the donate section is the biggest. It will only breed resentment. Children should decide themselves if they want to donate their time or money or both and to where.

  • Tracey

    We haven’t doled out specific allowance(s) yet, but our kids are definitely expected to help at some things, or at least they do when I ask – help me unpack these groceries, bring your dishes to the kitchen counter, pick up discarded clothes, etc. And most of the money they’ve received is just saved in piggy banks so far, but we talk about “charity” often, and Oliver has been known to donate a little.
    But they know money doesn’t grow on trees – that’s for sure!

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